07/09/2021 INS3 AMA
We had a Ask Me Anything (AMA) with CrytoWid on September 7th 2021 at 8am UTC, with INS3 CMO- Diana.
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We had a Ask Me Anything (AMA) with CrytoWid on September 7th 2021 at 8am UTC, with INS3 CMO- Diana.
Last updated
Was this helpful?
Before we start the AMA main segment, we really want to know some information about yourself. Could you do a little introduction for us to know better about you ?
| Diana
I am Diana from INS3. Our team has a high-frequency trading background and has won the TokenInSight championship three times in a row, with a maximum annual profit of more than 2000%.
| Diana
INS3 is an insurance project launched on CONFLUX, HECO, BSC, OEC and Polygon. The TVL for the chains added together is more than 50 million USD. INS3 also has investment from more than 20 investment companies, with more than 2.5 million USD in capital during our first round of fundraising. INS3 is the world’s first completely decentralized insurance project in DeFi.
| Diana
Insurance is one of the three pillars of a traditional financial market. As a tool for risk redistribution, it plays an important role in financial activities. On the other hand, in the field of digital assets, risks can emerge in an endless stream, but currently the supply of decentralized insurance is relatively small, and the demand for insurance for digital assets is increasing.
Currently, the main pitfall is that many DeFi insurance protocols can decide not to cover users’ loss, even if users can show proof that they’ve purchased their insurance. I’m sure we’ve all heard about the recent attacks on BSC and polygon. None of those losses were covered by any DeFi insurance protocols.
The result of protocols using a voting system to determine reimbursement will lead to one result: insurance companies can decide when they want to cover losses based on their own personal interest. Recently, new DeFi insurance products such as Bridge Mutual and others have continued to imitate NXM's old-fashioned decision-making model, and haven’t solved the DeFi insurance “no-compensation" issue.
The fully decentralized payment model used by INS3 uses coding to implement reimbursement logic, which results in immediate compensation. There is no voting process or human interference, and all compensation is determined through smart contracts. Our Oracle for exchanges is based specifically on whether an exchange is functioning normally. In the case of DEX, we use assets and liabilities percentage calculation to determine the compensation; For vault and lending and borrowing, we use a physical delivery model of ‘put options’ to determine the compensation.
This is the first realization of complete decentralization in DeFi insurance!
| Diana
1. It’s the first completely decentralized insurance protocol
2. It’s the first infinitely expanding long-tail options market which doesn’t use the Oracle model project. We have already done this, but options are not freely priced. That’s something we will solve in our next version.
3. It’s the first application of financial NFTs, our solvency capital is in NFT which came half a year earlier than Uniswap's v3
4. Our high leverage insurance means you can use ONE capital to insure 10 projects
5. The insurance premium is low (cheap), and the annual premium for most projects is ONLY 1.4% at present.
| Diana
V2.0: We will allow for options and policy pricing to be done freely
V3.0: We are currently the most complex project among all DeFi projects, and use more than 300 contracts. After the launch of version 3.0, the number of contracts may exceed 600. Although INS3 sounds complicated, more than 300 contracts have been operating safely for half a year, with complete auditing. We will be the best and more reliable insurance in DeFi.
| Diana
Yes sure☺️
Our token is called ITF, and has a maximum limit of 10 million USD. ITF holders can vote on the token’s actuarial model and whether reinsurance will be reimbursed. Community DAO governance voting decisions include all major policies and welfare distribution, plan in case of destruction of ITF, new product development direction and more. Currently, ITF accounts for 30% of premium dividends, and the accumulated premium to be distributed in the most recent period is as high as 10,000u. In addition, ITF also has the same characteristics as functional tokens. It can be used to underwrite and purchase insurance, and can also pay for various services within INS3, such as the division of repayment of capital NFT. In the future, it will be a proxy for new functions such as mutual insurance.
| Diana
User Manual : https://app.gitbook.com/@ins3finance/s/ins3/about-ins3/what-is-ins3/user-manual/ins3-v1.5-griffin+-user-manual
How to farm ITF: https://app.gitbook.com/@ins3finance/s/ins3/about-ins3/what-is-ins3/mining/ins3-v1.5-griffin+handbook1
Plus: we just launched on Polygon, we are having early bird rewards RIGHT NOW!! 🙌🏻🙌🏻2700 ITF per day, last for 14 days💰💰💰Hurry up!!
| Diana
We are planning to add NFT to our insurance cover. If users do not sell a NFT art piece in 60 days, we will pay for the reimbursement. Something like that, still in progress.
| Diana
U can get them on most of the major Swap. Or you can farm our Token. Since we are having early birds reward right now. We give away 2700 ITF per day for 14 days on polygon
AMA FINISHED
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Thank you for Cryptowid as the organizer of the event, hopefully everyone can understand about INS3. Join our and you can talk directly with other Communities and enjoy some of the event that we created. We are always here to support.
